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Prepare the journal entry to record

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At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.'s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account (refer to RE7-5). 

Prepare the journal entry to record the write off for McKinney & Co.

Reference no: EM13873678

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